Re: RDSP vs SISIP?

by Rifleman Thu 25 Aug 2016, 19:51

GOOD LUCK VET 1234

by Guest Thu 25 Aug 2016, 18:29

vet 1234 good luck buds we all wish you nothing but the best .

propat

by Panserbjørn Thu 25 Aug 2016, 18:05

Good luck Vet1234!

Just remember to ask the doctor to backdate it to the start of your qualifying disability.

After that you should be able to apply for an adjustment to all those years of taxes.

by Vet1234 Thu 25 Aug 2016, 17:45

I never knew anything about the DTC until I read this thread... Called VAC and asked why they never told me about it, they said "it's not a VAC program. I reminded them that they are supposed to be working FOR Veterans, and helping vets get ALL the help they can, regardless of the entity administering the helpful program or service. I also asked why they never told me about the different benefits and entitlements VAC "provides"... She told me it was all on the website.
Soooooo ... VAC thinks that a Veteran with mental health issues/avoidance/PTSD is going to go through the hurdles and pages of policy to figure out what they may be entitled to??!!! I can't even imagine the number of eligible vets that never even know of/apply for benefits because VAC doesn't tell them and their mental health impedes them for fighting for their entitled benefits.
The system is broken. The onus should be on VAC to serve and protect the VETS that served and protected Canada.
I'm getting my DTC filled in by my doc tomorrow. wish me luck.

by Guest Thu 25 Aug 2016, 17:41

first the DTC will be good for about 5 years from the decision date so you are good there .

the info you need about the DTC will be on that .

now the investment part can be handled by your service provider ie; bank .

you just need to set up an appointment with your bank for this if they do RDSPs most do . they will have all the knowledge and paperwork for the most part they will fill out for you .

its crap simple .

since you are at an appointment for a RDSP they will be prepared and set you on the right track just bring a copy of your DTC paper and make clear of your intent to pay for the unused years that's all .

the only thing I cant tell you is what your bank has for investment opportunities GIC
they will let you go home with literature and some advice that you may want to take with a grain of salt to decide where YOU want to invest this money . then when you decide you should just be able to call them about your decision and that's it .

if your bank doesn't do RDSP for some reason you may need to open an accout with the bank and deposit in enough funds to cover the RDSPs .

sounds like a lot of stuff but its easy .

propat

by 1993firebird Thu 25 Aug 2016, 17:11

What if I am dropped the DTC after a year?

by 1993firebird Thu 25 Aug 2016, 17:10

Yes I do and it makes perfect sense to get free money especially from the Government just not sure how much I will need for my income taxes this year and not sure if I can borrow what I might need. Will my decision have all the required information , how many years back dated , how much I can invest for each year , etc or will I have to look it up?

by Guest Thu 25 Aug 2016, 16:19

i understand that buds but that's your money . the government is saying you save some money and we will just give you money a lot more than you are saving for yourself .

the GOC is giving away free money i just want to see you take it that's all .

not citrine but i think the most they can go back is 10 years like most GOC programs . so say 2006.

say a very conservative tax reimbursement of 1,500 a year that's at least 15,000 if ya get the 10 years but I'm guessing more like 20,000 .

what you will need to max the RDSP from 2008 till 2018 will be would be about 16,500 .

with the GOCs money added that would put a total of 55,000 in your RDSP account witch will earn interest for over 10 years .

ya see where I'm going with this ???

propat

by 1993firebird Thu 25 Aug 2016, 13:18

I get all that propat but I have what I consider a lot of money in RRSP's already , been investing since 1990. So my financial future is secured for now. How far back will the DTC be applied to my previous returns when my condition date on my application for DTC is dated starting in 2000?

by Guest Thu 25 Aug 2016, 11:43

ya to me that's more of a problem with the DTC than the RDSP but they are linked hand in hand so to speak so I get what you are saying .

GOC be reasonable ????? LMAO . sure like that's gonna happen any time soon .

ya I wish the same thing too but..... well .... you know .

propat

by LawnBoy77777 Thu 25 Aug 2016, 10:32

One problem with RDSPs is that CRA, being the jerks they are (I worked there for 16 yrs so I ought to know☺) sometimes make you recertify. I am in that boat & I sent a letter to say they are insane:
1. CPPD approval;
2. SISIP to 65;
3. Sun Life to 65;
4. PS pension;
5. Res F pension;
6. Prior DTC approval.

Why are they wasting my time & the taxpayers' money? I know I qualify. I have 25 medical conditions, some small & some major. Disability increases with age, too. So the chances of recovery are near zero (0.1% in my case). So why bother?

They want to save at our expense if we forget/delay/or get refused this time around.

Wish gov would start being reasonable 😀

by Guest Thu 25 Aug 2016, 09:28

firebird the RDSP only started in 08 so even though you can pay back 10 years in the plan you can go back no further than 08 .

if you get your DTC this year YOU PAY INTO THAT DTC THIS YEAR !!!!!!

seriously buds do the math .

like 6608 said you would be leaving money on the table .

for every 1500 you MAY have to borrow to pay your taxes because of this you will pay interest on that till its paid .

BUT you will also be earning interest on the 1500 you put into the plan plus you get the 3500 from the GOC and earn interest on that as well all will earn this interest for over 10 years .

just saying buds .

propat

by Guest Thu 25 Aug 2016, 09:06

6608 yup your right the most important part is getting this done this year .

propat

by 1993firebird Thu 25 Aug 2016, 08:27

It's like a RESP for school. Well on my application the date my condition started is 2000 so not sure if they go back that far. All my refund money I will be keeping for my income tax so I will have to wait until April of 2017 to see if I have any money left after paying income tax for 2016.

by 6608 Thu 25 Aug 2016, 00:24

Panserbjørn, That is correct you cant go over 3 years worth annually for the unused grant entitlements. Propat i missed that i believe you are correct.......lol. The main point was though that if he didn’t make any contribution this year he would be leaving a lot on the table so its certainly to his benefit to take full advantage of this plan if he can swing it while he can.

Cheers

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